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 Buying a Recreational Property

Spending time at a cottage or recreational property can be a great idea. Not only do you have the conveniences of home, but you feel you are on a vacation whenever you need to get away.

However, there are a few things to consider when looking to purchase a recreational property.

  • Can you financially afford a second property? Ensure that you have a solid plan in place, and know where the down payment will be coming from. 
  • How will you make the monthly mortgage payments? Will the monthly payments leave you house poor, or will you be able to save enough for repairs, maintenance, and enjoying life? 
  • Keep in mind that CMHC will not allow anyone to take advantage of their program when buying a second…

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